LG and Magna charge ahead with EV component venture
The two companies will form a new joint venture focused on building major components for electric vehicles. Listen - 01:29
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This new joint venture is expected to be finalized by the middle of 2021. LG Electronics/Magna/Craig Cole/Roadshow
As the electric-car revolution slowly gains momentum, more and more companies are making investments to support this seismic shift. On Wednesday, South Korea s LG Electronics announced it s forming a joint venture with Canadian automotive supplier Magna International, CNBC reports. The tie-up will focus on building power inverters, electric motors and onboard chargers, among other items components that are all required for electric vehicles.